NWBI vs OBT: Correlation
Measured on weekly returns over the past three years, Northwest Bancshares, Inc. (NWBI) and Orange County Bancorp, Inc. (OBT) carry a correlation of 0.73, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NWBI and OBT?
Across a 3-year window, the weekly returns of NWBI and OBT correlate at 0.73, strong. Lately the two have drifted apart, with the 1-year correlation at 0.60 versus 0.73 over 3 years. Stretching to 5 years gives 0.54, with an annualized covariance of 692.1 %².
Within NWBI's tracked universe of 37 assets, OBT comes in at #25 by 3-year correlation. Correlation aside, the last 12 months split them widely, with OBT ahead by 18.0 points (+27.7% versus +45.7%). Risk is not evenly split, since OBT carries 1.5 times the volatility of the other side.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
NWBI vs OBT: side by side
| NWBI (Northwest Bancshares, Inc.) | OBT (Orange County Bancorp, Inc.) | |
|---|---|---|
| 1-year return | +27.7% | +45.7% |
| 5-year return | +62.0% | +143.9% |
| Volatility (ann.) | 24.9% | 38.3% |
| Beta vs S&P 500 | 0.60 | 0.83 |
| Max drawdown (3Y) | -26.6% | -32.5% |
| Market cap | $2.2B | $0.5B |
| P/E (trailing) | 14.9 | 10.6 |
| Dividend yield | 5.22% | 1.77% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NWBI | OBT |
|---|---|---|
| 2022 | +4.6% | +18.3% |
| 2023 | -4.4% | +32.1% |
| 2024 | +12.7% | -6.1% |
| 2025 | -2.9% | +5.0% |
| 2026 | +33.2% | +34.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NWBI and OBT good diversifiers for each other?
Only partially. A correlation of 0.73 means NWBI and OBT share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between NWBI and OBT?
The NWBI/OBT correlation stands at 0.73 on a 3-year window (1 year: 0.60, 5 years: 0.54), computed from weekly returns as of 2026-08-27.
Is OBT a good diversifier for NWBI?
Only partially. A correlation of 0.73 means NWBI and OBT share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.73 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: NWBI correlations · OBT correlations
